国信财务公司成立于 2010 年 12 月 14 日，是经原中国银行业监督管理委员 会批准设立的非银行金融机构，基本情况如下： 公司名称：江苏省国信集团财务有限公司 类型：有限责任公司 江苏省新能源开发股份有限公司 关于与江苏省国信集团财务有限公司关联存贷款业 务的风险持续评估报告 根据《上海证券交易所上市公司自律监管指引第 5 号——交易与关联交易》 的要求，江苏省新能源开发股份有限公司（以下简称"公司"）查验了江苏省国 信集团财务有限公司（以下简称"国信财务公司"、"财务公司"）的《金融许 可证》、《营业执照》等，取得并审阅了国信财务公司 2025 年半年度财务报表， 对国信财务公司的经营资质、业务和风险状况进行了评估，具体情况报告如下： 一、国信财务公司基本情况 住所：南京市玄武区长江路 88 号 24 楼 法定代表人：张书璟 统一社会信用代码：9132000056685112XE 金融许可证机构编码：L0118H232010001 注册资本：200000 万元人民币 成立日期：2010 年 12 月 14 日 经营范围：许可项目：企业集团财务公司服务（依法须经批准的项目，经相 关部门批准后方可开展经营 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The intraday trend of Shanghai Nickel was oscillating strongly, mainly influenced by the broader market. The expectation of interest rate cuts in September has improved at the macro - level, and there is no obvious change in the fundamental logic. The second - phase benchmark price in Indonesia in August was slightly adjusted downwards. There was rainfall affecting shipments in some mining areas in the Philippines this week, and there is an expectation of rainfall in September. Nickel iron remained strong intraday, with supply price support continuing. The salt factories in the new energy chain have been relatively strong recently, and the MHP market is in short supply. Stainless steel also showed a strong trend intraday, with spot prices rising. Attention should be paid to the sentiment trend as it approaches the peak demand season in September and October [4]. - There are both positive and negative factors in the market. Positive factors include the potential revision of the HPM formula by APNI in Indonesia, the shortening of the nickel ore quota license period in Indonesia, the potential increase in stainless - steel demand from the Yarlung Zangbo River hydropower station construction, and the increasing expectation of interest rate cuts in September. Negative factors include stainless steel entering the traditional off - season with slow inventory reduction, high pure nickel inventory, seasonal increase in nickel ore inventory, Sino - US tariff disturbances, and South Korea's potential anti - dumping duties on Chinese hot - rolled products [6]. 3. Summary by Related Catalogs 3.1 Price and Volatility Forecast - **Shanghai Nickel**: The price range is predicted to be 118,000 - 126,000 yuan/ton, with a current 20 - day rolling volatility of 15.17% and a historical percentile of 3.2% [2]. - **Stainless Steel**: The price range is predicted to be 12,500 - 13,100 yuan/ton, with a current 20 - day rolling volatility of 9.27% and a historical percentile of 1.8% [2]. 3.2 Risk Management Strategies - **Shanghai Nickel** - **Inventory Management**: When facing the risk of product sales price decline and inventory impairment, strategies include selling Shanghai Nickel futures (NI main contract) with a 60% hedging ratio and selling call options (over - the - counter/on - exchange options) with a 50% hedging ratio [2]. - **Procurement Management**: When worried about raw material price increases for future production procurement, strategies include buying Shanghai Nickel forward contracts (far - month NI contracts) according to the production plan, selling put options (on - exchange/over - the - counter options), and buying out - of - the - money call options (on - exchange/over - the - counter options) [2]. - **Stainless Steel** - **Inventory Management**: When facing the risk of product sales price decline and inventory impairment, strategies include selling stainless - steel futures (SS main contract) with a 60% hedging ratio and selling call options (over - the - counter/on - exchange options) with a 50% hedging ratio [3]. - **Procurement Management**: When worried about raw material price increases for future production procurement, strategies include buying stainless - steel forward contracts (far - month SS contracts) according to the production plan, selling put options (on - exchange/over - the - counter options), and buying out - of - the - money call options (on - exchange/over - the - counter options) [3]. 3.3 Market Data - **Nickel Disk Data** - The latest price of Shanghai Nickel main contract is 120,310 yuan/ton, with a 0% change. The prices of Shanghai Nickel continuous contracts 1, 2, and 3 increased by 0.59%, 0.54%, and 0.54% respectively. The LME Nickel 3M price is 14,975 US dollars/ton, up 0.61%. The trading volume is 119,179 lots, and the open interest is 110,337 lots. The warehouse receipt volume decreased by 1.15% to 22,292 tons, and the basis of the main contract decreased by 34.8% to - 1,550 yuan/ton [6]. - **Stainless - Steel Disk Data** - The latest price of the stainless - steel main contract is 12,880 yuan/ton, with a 0% change. The prices of stainless - steel continuous contracts 1, 2, and 3 increased by 1.02%, 0.90%, and 0.89% respectively. The trading volume is 156,339 lots, and the open interest is 141,999 lots. The warehouse receipt volume decreased by 0.23% to 101,687 tons, and the basis of the main contract decreased by 18.06% to 590 yuan/ton [7]. - **Nickel Industry Inventory** - Domestic social inventory of nickel is 40,872 tons, a decrease of 1,019 tons. LME nickel inventory is 209,748 tons, an increase of 150 tons. Stainless - steel social inventory is 933.4 tons, a decrease of 0.2 tons. Nickel pig iron inventory is 33,111 tons, a decrease of 304 tons [8].

Group 1 - The core viewpoint is that the integration of financial tools with the traditional pig industry is transforming operational methods and risk management practices, enhancing the industry's ability to withstand risks [1] - The introduction of basis trading allows companies to lock in profits and reduce financial pressure, enabling them to focus on production rather than market fluctuations [2] - The successful implementation of digital models to connect small family farms with larger markets demonstrates the potential for financial resources to flow to smaller entities, providing solutions to mitigate cyclical volatility [3] Group 2 - The introduction of tiered service upgrades by Zhongji Commerce (Zhejiang) Co., Ltd. addresses diverse risk management needs of pig farming enterprises through innovative futures and spot business models [4] - The 1.0 version of the forward price locking order has successfully completed the delivery of 208,000 pigs in 2024, with contracts for 1.191 million pigs in 2025, covering 32 enterprises across 20 provinces [4] - The 2.0 version enhances flexibility through financial tools, allowing for dynamic adjustments in contract volumes based on market conditions, and introduces a "pig bank" service to lower hedging thresholds for high-cost enterprises [4][5] Group 3 - The 2.5 version optimizes delivery mechanisms, allowing clients to flexibly price based on pre-sale or repurchase needs, thus enabling timely realization of hedging profits [5] - The three-tiered model creates a comprehensive risk management system that covers basic price locking, dynamic hedging, and flexible delivery, empowering farming enterprises to tackle price volatility challenges [5]

Core Viewpoint - The National Financial Supervision Administration has released a draft for the "Management Measures for Mergers and Acquisitions Loans by Commercial Banks," marking a comprehensive upgrade in the regulatory framework for acquisition loans since 2015. The revision aims to optimize services while controlling risks, providing policy support for banks to expand their business while enhancing their risk management capabilities [1][2]. Group 1: Regulatory Changes - The new measures introduce a balanced approach of "moderate looseness and strictness," allowing for financial support in industrial integration while setting clear risk boundaries for banks [1]. - For the first time, the measures include support for equity acquisitions, addressing the previous limitation of only covering controlling acquisitions, aligning with current industrial chain collaboration needs [1]. - The loan ratio and term have been relaxed, with the upper limit for controlling acquisition loans raised from 60% to 70% and the maximum term extended from 7 years to 10 years. For equity acquisitions, the loan ratio is capped at 60% with a maximum term of 7 years, easing financial pressure on acquirers [1]. Group 2: Enhanced Supervision - The measures require banks engaging in acquisition loans to meet basic conditions such as "good regulatory ratings" and "compliance with key prudential regulatory indicators," along with asset size thresholds to prevent smaller banks from engaging in high-risk activities [2]. - A closed-loop risk control process is mandated, focusing on pre-loan assessments of borrowers' repayment capabilities and post-loan vigilance against fund misappropriation and fraudulent acquisitions [2]. - Quantified risk boundaries are established through prohibitive clauses, such as limiting the total balance of acquisition loans to no more than 50% of Tier 1 capital and capping equity loan balances at 30% of total acquisition loans [2]. Group 3: Risk Management Requirements - Banks are encouraged to establish specialized management mechanisms and systems to comply with the new measures, including defining business processes, risk assessment standards, and approval mechanisms, along with developing dedicated information systems for real-time monitoring of acquisition transactions and financial flows [2][3]. - The establishment of professional teams is emphasized, requiring banks to form multidisciplinary teams including acquisition experts, credit analysts, industry researchers, lawyers, and accountants to enhance risk identification accuracy [3]. - A multi-dimensional repayment capacity assessment system is to be constructed, incorporating both financial and non-financial factors to evaluate the ongoing profitability and debt repayment ability of acquired companies, thus avoiding misjudgments based on singular indicators [3].

Core Viewpoint - The China Securities Regulatory Commission has approved the registration of futures and options for coated printing paper, fuel oil, asphalt, and pulp at the Shanghai Futures Exchange, marking the introduction of the world's first financial derivatives for cultural paper [1][2]. Industry Overview - China is the largest producer and consumer of coated printing paper globally, with a projected production of 9.48 million tons and apparent consumption of 8.71 million tons in 2024 [2]. - The coated printing paper industry is facing significant revenue growth pressures due to complex domestic and international market conditions, leading to a high demand for risk management tools [2]. Risk Management Tools - The introduction of coated printing paper futures and options will fill the gap in domestic financial derivatives for cultural paper, providing enterprises in the cultural paper industry with tools to manage price volatility effectively [2]. - The futures and options are expected to create a complete risk management chain in the pulp and paper industry, enhancing the management of exposure risks from raw materials to finished products [2][3]. Market Impact - The new financial instruments are anticipated to serve as a "price anchor" for the industry, improving pricing efficiency in spot trading and guiding enterprises in formulating production plans [2]. - The launch of these derivatives is expected to enhance China's influence in the international paper and paper products market, promoting the export of Chinese standards and attracting foreign brand certifications [3]. Environmental Considerations - The coated printing paper industry is characterized by strong circular economy features, with a comprehensive system for renewable raw materials and recyclable products already in place [3]. - The Shanghai Futures Exchange plans to promote green and low-carbon transformation in the paper industry through contract arrangements that prioritize environmentally certified enterprises [3]. Additional Developments - The approval of options for fuel oil, asphalt, and pulp is expected to enhance the risk management capabilities of related industries, allowing for more refined hedging strategies [4].

Core Viewpoint - The National Financial Supervision Administration has released a draft for the "Management Measures for Mergers and Acquisitions Loans by Commercial Banks," marking the first comprehensive upgrade of the regulatory framework since 2015, focusing on "optimizing services and preventing risks" [1][2] Group 1: Regulatory Changes - The new measures introduce a balanced approach of "moderate looseness and strictness," allowing for financial support in industrial integration while setting clear risk boundaries for commercial banks [1][2] - The inclusion of equity-based mergers in the support scope breaks the previous limitation of only covering controlling mergers, aligning with current industrial chain collaboration needs [1][2] - The upper limit for controlling merger loan ratios has been raised from 60% to 70%, and the maximum loan term extended from 7 years to 10 years; for equity-based mergers, the loan ratio is capped at 60% with a maximum term of 7 years [1][2] Group 2: Enhanced Risk Management - Banks engaging in merger loans must meet basic conditions such as "good regulatory ratings and compliance with key prudential indicators," along with asset size thresholds to prevent smaller banks from engaging in high-risk activities [2][3] - The measures emphasize a closed-loop risk management process throughout the loan lifecycle, requiring thorough pre-loan assessments of borrowers' repayment capabilities and post-loan vigilance against fund misappropriation and fraudulent mergers [2][3] - Quantitative risk boundaries are established through prohibitive clauses, such as ensuring that the total balance of merger loans does not exceed 50% of the bank's tier 1 capital and that equity-based loans do not exceed 30% of total merger loans [2][3] Group 3: Operational Requirements for Banks - Banks are required to develop specialized management mechanisms and systems to comply with the new measures, including defining business processes, risk assessment standards, and approval authority, along with establishing dedicated information systems for real-time monitoring [2][3] - The establishment of a professional team is mandated, comprising merger experts, credit analysts, industry researchers, lawyers, and accountants to enhance risk identification accuracy [3] - A multi-dimensional repayment capability assessment system is to be constructed, analyzing both financial and non-financial factors to evaluate the ongoing profitability and debt repayment ability of acquired companies [3]

Core Viewpoint - The report evaluates the financial risk management of Beijing Jingneng Group Financial Co., Ltd. (Jingneng Finance) and concludes that it has a sound internal control system and effective risk management practices, with no significant risk events reported as of June 30, 2025 [1][6]. Group 1: Basic Information of Jingneng Finance - Jingneng Finance is a non-bank financial institution approved by the National Financial Regulatory Administration, with a registered capital of 5 billion RMB, where Beijing Energy Group holds a 60% stake [1]. - The company’s business scope includes accepting deposits, providing loans, handling bill discounting, and offering financial advisory services among others [1]. Group 2: Internal Control Overview - Jingneng Finance has a robust governance structure with a clear division of responsibilities among its shareholders, board of directors, supervisory board, and senior management [2]. - The company has established a comprehensive risk management system covering liquidity, credit, market, compliance, and operational risks, with a structured approach to risk identification, assessment, and monitoring [2][3]. Group 3: Operational and Risk Management Status - As of June 30, 2025, Jingneng Finance reported total assets of 50.08 billion RMB, with cash and loans making up a significant portion of its assets [6][7]. - The company adheres to relevant laws and regulations, ensuring compliance in its financial operations and maintaining a strong internal control and risk management framework [7]. Group 4: Regulatory Compliance and Risk Assessment - Jingneng Finance meets the regulatory indicators set by the Enterprise Group Financial Company Management Measures, indicating compliance with national financial supervision [7][8]. - The company has not identified any significant defects in its risk control systems related to financial reporting, lending, investment, and information systems as of the evaluation date [7].

Core Viewpoint - Poly Development Holdings Group Co., Ltd. is conducting a continuous risk assessment of its related transactions with Poly Finance Co., Ltd., ensuring compliance with regulatory requirements and maintaining effective internal controls [1][11]. Basic Information - Poly Finance Co., Ltd. was established on March 11, 2008, and is a non-bank financial institution under China Poly Group, aimed at enhancing fund management and efficiency for group members [1]. - The company is registered with the Beijing Market Supervision Administration and holds a financial business license approved by the National Financial Supervision Administration [1]. Internal Control Overview - Poly Finance has established a governance structure that complies with state-owned and financial regulatory requirements, enhancing decision-making efficiency through various committees [2]. - The company has nine functional departments and conducts annual reviews of its regulations to ensure they remain relevant and effective [2]. Risk Management - A comprehensive risk management system is in place, with committees overseeing compliance and risk management activities [3]. - The company conducts annual risk preference statements to guide its business operations and implements a three-tier review mechanism for compliance [3]. Important Control Activities - Poly Finance has developed management measures for fund settlement and credit business, ensuring compliance with regulatory requirements [4][5]. - The company employs advanced technology for secure transaction processing and has established a robust internal control system for fund safety [4][6]. Financial Data - As of June 30, 2025, total assets amounted to approximately 9.73 billion, with total equity at about 641.56 million [9]. - The company reported total revenue of approximately 200.14 million and a net profit of around 61.61 million for the audited period [9]. - The capital adequacy ratio stands at 14.06%, exceeding the regulatory minimum of 10.5% [10]. Risk Assessment Opinion - The board of directors believes that Poly Finance operates within legal frameworks and has established effective internal controls to manage risks [11]. - The company’s deposit and loan activities with Poly Finance are deemed manageable and do not pose significant operational risks [11].

Core Viewpoint - The report evaluates the financial status and risk management of Zhuhai Huafa Group Financial Co., Ltd., highlighting its compliance with regulatory requirements and effective internal control systems [1][12][14]. Group 1: Company Overview - Zhuhai Huafa Group Financial Co., Ltd. is a non-bank financial institution established to provide financial management services to Zhuhai Huafa Group and its subsidiaries, with an initial registered capital of RMB 1 billion [1][2]. - The company was approved by the China Banking and Insurance Regulatory Commission and has undergone changes in its business license and shareholder structure since its establishment in 2013 [2][4]. Group 2: Internal Control and Risk Management - The company has established a robust governance structure with clear responsibilities among the shareholders, board of directors, and management, ensuring effective risk management [6][7]. - A comprehensive internal control management system has been implemented, including various risk management policies and procedures to identify, assess, and mitigate risks [7][8][9]. Group 3: Financial Performance - As of June 30, 2025, the company reported total assets of RMB 4,323.6 million and net assets of RMB 22.2 million, with cash and deposits at central banks amounting to RMB 187.9 million [11][12]. - The company has maintained a stable operating principle, with no significant financial distress or regulatory penalties reported since its inception [12][13]. Group 4: Regulatory Compliance - The company meets all regulatory financial indicators as per the "Enterprise Group Financial Company Management Measures," including a capital adequacy ratio of 17.44% and a liquidity ratio of 34.16% as of June 30, 2025 [13][14]. - The company has established a mechanism for continuous risk assessment to ensure compliance with legal and regulatory requirements [14]. Group 5: Business Objectives and Advantages - The company's mission is to leverage its group structure to provide efficient financial management services, enhancing capital utilization and operational efficiency for the Huafa Group [12][14]. - The financial company aims to build a comprehensive financial platform for capital operations within the group, emphasizing centralized fund management [14].

Core Viewpoint - The risk assessment report on Shanghai Huayi Group Financial Co., Ltd. indicates that the company has a sound risk management framework and operates within regulatory requirements, with no significant deficiencies identified in its risk control systems [16]. Group 1: Company Overview - Shanghai Huayi Group Financial Co., Ltd. was established in August 2012 with an initial registered capital of 300 million RMB, which has been increased to 1 billion RMB through several rounds of capital increases [2]. - The company is a limited liability company that provides various financial services, including deposit acceptance, loan processing, and financial consulting [2]. Group 2: Risk Management Framework - The company has established a comprehensive risk management structure that includes a board of directors, supervisory board, and senior management, ensuring clear responsibilities and effective governance [3][4]. - A multi-layered risk management system is in place, with various departments acting as first, second, and third lines of defense against risks [5]. Group 3: Risk Identification and Monitoring - The main risks faced by the company include credit risk, market risk, and interest rate risk, particularly in its lending and investment activities [5][6]. - As of June 30, 2025, all self-operated credit assets were classified as normal, indicating effective risk monitoring and management [6]. Group 4: Operational Performance - As of June 30, 2025, the total assets of the company amounted to 24.16 billion RMB, a decrease of 4.56% from the beginning of the year [14]. - The total liabilities were reported at 15.25 billion RMB, with a profit of 88.64 million RMB, down from 98.45 million RMB in the same period of the previous year [14]. Group 5: Regulatory Compliance - The company meets all regulatory requirements, with a capital adequacy ratio of 14.39% and a loan provision coverage ratio of 2.98%, both of which satisfy regulatory standards [15][14]. - The company has not identified any significant deficiencies in its risk control systems related to financial reporting, credit, or information management as of June 30, 2025 [14]. Group 6: Financial Transactions with Related Parties - As of June 30, 2025, the company had a deposit balance of 683.68 million RMB and a loan balance of 976.28 million RMB with Huayi Financial, which complies with the agreed limits [16]. - The company has not experienced any delays in payments due to insufficient cash or credit positions, indicating good liquidity and financial service support from Huayi Financial [16].